The polyester producer company owned by Sri Prakash Lohia conglomerate, PT Indo-Rama Synthetics Tbk (INDR) scored an increase in performance in the first quarter of 2022. The income and profit of the issuer owned by the 4th richest person in Indonesia was able to grow significantly in the first three months of this year. In Indo-Rama Synthetics' financial report, quoted on Thursday 5 May, the company recorded revenues of 271.5 million US dollars or equivalent to Rp. 3.9 trillion in the first quarter of 2022. This revenue increased from 208.9 million US dollars or 29.91 percent compared to the previous period. the same last year.
Each of the company's export and local sales increased to 153.1 million US dollars for exports and 119 million US dollars for local sales.
By segment, the company's yarn spinning business is the business with the largest revenue contribution, which is 188.2 million US dollars, up 21.6 percent from 154.7 million US dollars. This was followed by revenue from polyester which rose 51.97 percent yoy to USD 134.3 million and revenue from fabrics which rose 30.36 percent to USD 12.2 million.
With this income, the issuer with the stock code INDR was able to print a gross profit of 46.1 million US dollars in the first quarter of 2022, an increase of 64.56 percent compared to the first quarter of 2021 of 28 million US dollars.
Profit for the year attributable to owners of the parent company also increased to US$33.9 million or equivalent to Rp491.9 billion in the first quarter of 2022. This net profit rose 84.5 percent from US$18.4 million yoy.